US suitor eyed French Connection

French Connection reported pre-tax losses of £2.3 million, which was an improvement on the year beforeCHRIS WEEKS/WIREIMAGE/GETTY

French Connection has reported its sixth year of losses and revealed it received an unsolicited takeover approach from an unnamed America buyer last year. The high street fashion chain reported a statutory pre-tax loss of £2.3 million in the year to the end of January, which was an improvement on the loss of £5.3 million the year before. This was on revenue that rose by 0.5 per cent to £154 million, driven largely by its growing wholesale division.

French Connection Group also disclosed an approach, which did not lead to an offer. It said that it had revealed the approach to explain why it had generated fees. The shares, which have a limited free float, closed up 22 per cent at 41p a share.